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UK — Survey forecasts London's financial services jobs market to hold firm in H2 2010

21 July 2010

A new survey of 194 HR and hiring managers in the financial services sector in London carried out by professional recruitment consultancy Morgan Mckinley (subsidiary of Premier Group) entitled 'H2 2010 Financial Services Hiring Market Outlook' found that:

  • 47% of respondents expect City hiring levels to increase in H2 2010 versus H1 2010, while 29% think they will stay the same.
  • 55% said finding candidates with the right skills and experience was more difficult than a year ago, an increase of +3% compared to Morgan McKinley's January Hiring Market Outlook Survey.
  • 48% expect the average City salary to stay the same as H1 2010 although 47% believe it will increase in H2 2010.
  • When asked about the bonus element of compensation packages to attract talent in H2 2010, 71% expect the bonus component to stay the same, while only 17% expect it to rise.
  • The main personnel issues facing businesses were cited as the structure of remuneration packages (42%), competitors poaching employees (41%) and talent shortages (30%).

City Jobs Market Highlights

  • New job opportunities in the financial services sector fell by -2% from May 10 to June 10, however compared to the same time last year, the number of newly available jobs in the City increased by +49% in June 10.
  • The number of new professionals entering the financial services jobs market rose by +3% month-on-month in June 10, while there was a +60% increase compared to the same month a year ago.

Salaries

  • The average salary for those securing roles in June 10 was down -4% compared to May 10 but rose +6% on June 09 levels.
  • When changing jobs, the average increase in basic pay received was +19% in Q2 2010 compared to +15% in Q1 2010 and +10% in Q2 2009.

Andrew Evans, Managing Director, Morgan McKinley Financial Services commented "overall, there is still a lack of clarity as to how healthy the financial services hiring market will be over the rest of the year. HR and hiring managers seem divided as to the pace of job growth, although only a very small minority felt the market would move backwards. In addition, with financial institutions awaiting greater visibility on regulatory issues and the impact of the debt issue, it remains to be seen how strong job growth will be over the next six months compared to the first half of the year."

 

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